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What $2 Million Buys in Manhattan Beach – 2007 to Present

So what will $2 million buy in Manhattan Beach?  Over the last seven years, the answer to that question has changed dramatically.

2007

1301 8th Street

1301 8th Street, Manhattan Beach

In 2007, the real estate bubble was just starting to deflate.  The upward surge in home prices had stalled and a new phenomenon – distressed sales – was just beginning to make an appearance on the real estate stage.

That’s when 1301 8th Street, a 4-bedroom, 4467 sf  East Manhattan Mediterranean built in 1990, hit the MLS in Manhattan Beach for $2 million.

Actually, it appeared on the MLS already sold, having gotten that price with an off-market sale.  The sellers did quite well, having purchased it in 2001 for $1.1 million (the picture is from the 2001 listing).

2008

1712 Curtis Avenue

1712 Curtis Avenue, East Manhattan

In 2008, things were starting to get rather rocky in the local housing market.

That’s when 1712 Curtis Avenue, a brand new 5-bedroom, 4200 sf Craftsman on a 7500 sf lot that had debuted on the market in April, 2007, finally found a buyer.  Of course, the buyer didn’t materialize until September of 2008, and only after the starting price of $2,399,000 had given way to the final $2 million sale price.

2010

562 33rd Street

562 33rd Street, Manhattan Beach

In 2010, with Manhattan Beach home prices now well off their peak, we actually saw three 5-bedroom homes close for $2 million, all in the Tree section this time.

These included (1) 515 21st Street, a lovely custom-built, 2548 sf Cape Cod in the gaslamp area, (2) 1900 Walnut, a 3150 sf shingle-style Cape Cod built by Mike Cleland on a corner lot and (3) 562 33rd Street, a 3548 sqft Craftsman built by Nick Schaar on a 5040 sqft street-to-alley lot.

For our money, we liked the Nick Schaar home the best (and, apparently, so did a subsequent owner who bid it up to $2,279,000 in an off-market sale just two years later).

2012

598 27th Street, Manhattan Beach

598 27th Street, Manhattan Beach

In 2012, with the local housing market just starting to crawl out of the doldrums of the Great Recession, the $2 million sale price was suddenly very popular.  That year, there were five $2 million home sales in Manhattan Beach.

These included (1) 300 7th Street, a downtown duplex on a 2-unit site (that has since given way to two ‘beach plantation’ style townhomes,  (2) 427 19th Street, a custom-built (in 2004) duplex,  (3) 2800 Palm Avenue, a gigantic (4225 sf) but very tired, standard-issue pre-ZORP Mediterranean (it’s been substantially dressed up since then), (4) 598 27th Street, a 5-bedroom shingle-style home at the corner of 27th and Blanche in the Tree section, and (5) 3304 Laurel Avenue, a 5-bedroom Tree section Mediterranean built by Dennis Moloney in 2000.

We liked the Vince Devico-built 27th Street home the best, although it was a bitter pill for the sellers who, just seven years earlier, had paid $2,504,000 for this home brand new (we represented Vince, the builder, in the original ’05 sale).

2014

So this is what it’s come to in our suddenly overheated real estate market – in 2014, $2 million was what some lucky buyer paid for 2709 Laurel Avenue in the Tree section.

And what did they get for that princely sum?  A remodeled 3-bedroom, 1900 sqft home on a smallish 4325 sqft lot.

Apparently, the local housing market has traveled a long way from boom to bust and now to overdrive.

When Will The Fed Raise Rates?

Real Estate Edge by Mike Michalski & Sachi Fujita

“Federal Reserve Chair Janet Yellen whispered ‘Bang’ but did not shoot,” according to Lou Barnes (Inman Real Estate News contributor). What does this mean for interest rates? Read more here.

Fisher Queen Nets A Cool $2 Million Profit

Real Estate Edge by Mike Michalski & Sachi Fujita

Back in 2008, with the world financial markets in turmoil and the local residential real estate market in the tank, two spectacular contemporary homes designed by Aidlin Darling Design out of San Francisco debuted on the market at 1208 and 1212 Fisher Avenue in the American Martyrs area of Manhattan Beach. One of those two recently resold for a cool $2 million profit (assuming escrow closes). Read more here.

Strand Prices Continue To Surprise On The Upside

Real Estate Edge by Mike Michalski & Sachi Fujita

Whoever said “Trees don’t grow to the sky” (an old Wall Street maxim) probably hadn’t contemplated what low interest rates , low inventory and a suddenly hot destination real estate market would have on beachfront properties here in Manhattan Beach. But given all that, some sellers are making an absolute killing on the sale of their Strand lots. Read more here.

Haunted House on Anderson To Get A Makeover

Real Estate Edge by Mike Michalski & Sachi Fujita

It looks like the long-running saga of 606 Anderson Street in the Manhattan Beach Hill section will finally be entering a new chapter with its recent purchase by a prominent local home-flipper.

What Was Once Shocking Now Looks Like A Deal

Real Estate Edge by Mike Michalski & Sachi Fujita

A developer client of ours won the bidding war last November for a 40 x 135 Tree section lot. At the time, it seemed as though they paid a premium over market value. Not any more.

Oak – The Most Common Tree Street Name

Real Estate Edge by Mike Michalski & Sachi Fujita

An interesting article from the Wall Street Journal reports on a study by online residential real estate site Trulia that examines which tree names are the most popular street names in the US. Turns out over 5% of listings are on streets with tree names with the most common tree variety being oak, followed by […]

Short Goes Long After Five Years On Market, 7-Month Escrow

Real Estate Edge by Mike Michalski & Sachi Fujita

What could be one of the largest marketing campaigns for a South Redondo home finally concludes with a 7-month escrow and a huge overbid. Read more here.

That’s Some Overbid

Real Estate Edge by Mike Michalski & Sachi Fujita

A recent Hermosa Sand section sale, essentially a lot sale, garnered a lot of interest and a huge overbid to the listing price. Read more here.

You Can (Must) Walk To Everything

Real Estate Edge by Mike Michalski & Sachi Fujita

In this hot seller’s market, now is the time to unload a property that may be very desirable in most respects but which would be difficult to sell in another market for reasons having nothing to do with the home itself. We offer some examples here.

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